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Benzinga

Business

Shivani Kumaresan

Toyota Cuts Production Plan For June Again

Toyota TM NYSE Toyota Motor Corp Wikimedia Commons Shanghai Supply chain

Toyota Motor Corp (NYSE:TM) has cut its June global production plan for the second time in a week due to the COVID-19 lockdown in Shanghai.
The auto major cut production by 50,000 vehicles and now anticipates producing about 800,000 units in June.
It has decided to suspend domestic factory line operations for the week of June 6, on top of the suspension announced earlier.
The company now sees an average global production plan from June through August to 850,000 units per month and 9.7 million units for the full period of Fiscal Year 2023.
Toyota has warned that the production may also be lower than cited due to the volatile supply chain situation.
Price Action: TM shares closed higher by 2.79% at $165.53 on Thursday.
Photo Via Wikimedia Commons

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